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Friday 6 November 2026
Export AMZN’s income statement to Excel — free account
Amazon.com, Inc.
AMZN Consumer Cyclical Internet Retail
Amazon.com, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $716.9 billion, up 12.4% from fiscal 2024.
- Revenue
- +12.1%
- EPS
- −3.24%
- Free cash flow
- −2,679.5%
- Total debt
- +241.2%
Quarter to September 2026, against a year earlier · Fiscal Q2 2026 earnings digest →
260.23
5.80
−2.18%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 135,987 | 177,866 | 232,887 | 280,522 | 386,064 | 469,822 | 513,983 | 574,785 | 637,959 | 716,924 | 797,455 | +20.3% | 828,495 | 949,994 | 1,114,187 | +15.8% | |
| Gross margin, % | 35.09 | 37.07 | 40.25 | 40.99 | 39.57 | 42.03 | 43.81 | 46.98 | 48.85 | 50.29 | 51.37 | +15.2 pt | ||||||
| EBT | 3,892 | 3,806 | 11,261 | 13,976 | 24,178 | 38,151 | (5,936) | 37,557 | 68,614 | 97,311 | 174,165 | +43.0% | ||||||
| EBT margin, % | 2.86 | 2.14 | 4.84 | 4.98 | 6.26 | 8.12 | (1.15) | 6.53 | 10.76 | 13.57 | 21.84 | +10.7 pt | ||||||
| Net income | 2,371 | 3,033 | 10,073 | 11,588 | 21,331 | 33,364 | (2,722) | 30,425 | 59,248 | 77,670 | 134,779 | +47.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 14.34 | 18.53 | 23.91 | 28.39 | 38.59 | 46.44 | 50.44 | 55.78 | 60.91 | 67.28 | 73.86 | +18.7% | |||||
| Earnings | 0.25 | 0.32 | 1.03 | 1.17 | 2.13 | 3.30 | (0.27) | 2.95 | 5.66 | 7.29 | 12.54 | +45.4% | ||||||
| Cash flow | 1.81 | 1.91 | 3.15 | 3.90 | 6.60 | 4.58 | 4.59 | 8.24 | 11.06 | 13.09 | 15.59 | +24.6% | ||||||
| Capex | (0.71) | (1.05) | (1.16) | (1.28) | (3.50) | (5.48) | (5.72) | (4.67) | (7.42) | (12.04) | (19.51) | +36.9% | ||||||
| Free cash flow | 1.10 | 0.87 | 1.99 | 2.61 | 3.10 | (0.90) | (1.14) | 3.57 | 3.65 | 1.05 | (3.92) | (0.6%) | ||||||
| Book value | 2.03 | 2.89 | 4.47 | 6.28 | 9.34 | 13.66 | 14.33 | 19.59 | 27.31 | 38.58 | 56.83 | +38.7% | ||||||
| Shares, m | 9,480 | 9,600 | 9,740 | 9,880 | 10,005 | 10,117 | 10,189 | 10,304 | 10,473 | 10,656 | 10,741 | +1.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 150.72 | 188.43 | 72.70 | 78.80 | 76.46 | 50.57 | 0.00 | 50.65 | 38.83 | 31.66 | 20.76 | 73.9 | |||||
| P/S | 2.63 | 3.21 | 3.14 | 3.25 | 4.22 | 3.59 | 1.70 | 2.69 | 3.60 | 3.43 | 3.52 | 3.1 | ||||||
| P/B | 18.52 | 20.60 | 16.80 | 14.71 | 17.44 | 12.20 | 5.99 | 7.65 | 8.03 | 5.98 | 4.58 | 12.8 | ||||||
| EV/Sales | 2.49 | 3.17 | 3.06 | 3.14 | 4.08 | 3.49 | 1.70 | 2.64 | 3.53 | 3.35 | 3.60 | 3.1 | ||||||
| EV/FCF | 32.38 | 67.95 | 36.79 | 34.12 | 50.83 | (180.77) | (75.33) | 41.19 | 58.85 | 214.60 | (67.72) | 28.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 17,203 | 18,365 | 30,723 | 38,514 | 66,064 | 46,327 | 46,752 | 84,946 | 115,877 | 139,514 | 168,300 | +26.2% | |||||
| Capex | (6,737) | (10,058) | (11,323) | (12,689) | (35,044) | (55,396) | (58,321) | (48,133) | (77,658) | (128,320) | (210,657) | +38.7% | ||||||
| Free cash flow | 10,466 | 8,307 | 19,400 | 25,825 | 31,020 | (9,069) | (11,569) | 36,813 | 38,219 | 11,194 | (42,357) | +0.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,965 | 2,314 | 6,710 | 8,522 | 6,348 | 19,314 | (8,602) | 7,434 | 11,436 | 11,078 | (2,882) | +21.2% | |||||
| Net debt | (18,287) | (6,243) | (17,755) | (31,607) | (52,580) | (47,305) | (2,876) | (28,466) | (48,579) | (57,381) | 58,899 | +13.5% | ||||||
| Shareholders’ equity | 19,285 | 27,709 | 43,549 | 62,060 | 93,404 | 138,245 | 146,043 | 201,875 | 285,970 | 411,065 | 613,601 | +40.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 3.20 | 2.83 | 6.85 | 5.97 | 7.81 | 9.00 | (0.62) | 6.14 | 10.28 | 10.77 | 13.67 | +7.6 pt | |||||
| ROIC | 262.15 | 11.95 | 30.10 | 29.84 | 35.06 | 17.10 | 5.35 | 13.28 | 18.06 | 14.13 | 9.70 | (248.0) pt | ||||||
| ROE | 14.52 | 12.91 | 28.27 | 21.95 | 27.44 | 28.81 | (1.91) | 17.49 | 24.29 | 22.29 | 27.42 | +7.8 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 341,400 | 566,000 | 647,500 | 798,000 | 1,298,000 | 1,608,000 | 1,541,000 | 1,525,000 | 1,556,000 | 1,576,000 | — | +18.5% | |||||
| Revenue/emp, $m | 0.40 | 0.31 | 0.36 | 0.35 | 0.30 | 0.29 | 0.33 | 0.38 | 0.41 | 0.45 | — | +1.5% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| North America | 426,305 | 59.46% |
|---|---|---|
| International | 161,894 | 22.58% |
| AWS | 128,725 | 17.96% |
| Gross margin | 50.29% | |
| Operating margin | 11.16% | |
| Pre-tax margin | 13.57% |
Amazon.com, Inc. vs peers in Internet Retail (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| AMZN Amazon.com, Inc. | $2.81T | 20.8× | 18.7× | +12.09% (above 0%: growing) | −3.24% (below 0%: shrinking) | −2,679.49% (below 0%: shrinking) | 53.17% | 13.90% | |
| BABA Alibaba Group Holding Limited | $268.9B | 23.8× | 18.4× | +14.66% (above 0%: growing) | −74.13% (below 0%: shrinking) | +17.19% (above 0%: growing) | 38.24% | 7.29% | Compare |
| PDD PDD Holdings Inc. Sponsored ADR | $119.5B | 8.7× | 8.0× | +14.08% (above 0%: growing) | −7.17% (below 0%: shrinking) | +25.39% (above 0%: growing) | 57.26% | 24.71% | Compare |
| DASH DoorDash, Inc. | $78.5B | 74.2× | 64.3× | +33.95% (above 0%: growing) | +87.72% (above 0%: growing) | +8.85% (above 0%: growing) | 52.97% | 9.58% | Compare |
| MELI MercadoLibre, Inc. | $77.6B | 40.8× | 42.6× | +45.09% (above 0%: growing) | +6.13% (above 0%: growing) | −5.96% (below 0%: shrinking) | 40.78% | 6.29% | Compare |
| EBAY eBay Inc. | $54.2B | 26.4× | 27.7× | +13.69% (above 0%: growing) | −19.47% (below 0%: shrinking) | −2.09% (below 0%: shrinking) | 72.33% | 19.21% | Compare |
| SE Sea Limited Sponsored ADR | $42.9B | 27.9× | 25.2× | +48.07% (above 0%: growing) | +5.88% (above 0%: growing) | −6.79% (below 0%: shrinking) | 45.58% | 8.35% | Compare |
| JD JD.com, Inc. | $34.4B | 17.6× | 9.8× | +2.54% (above 0%: growing) | +27.87% (above 0%: growing) | +64.77% (above 0%: growing) | 17.12% | 1.31% | Compare |
| CPNG Coupang, Inc. | $29.4B | — (loss-making) | — (loss-making) | +7.50% (above 0%: growing) | n/m | −116.29% (below 0%: shrinking) | 25.71% | (4.52%) | Compare |
| Median of peers | $65.9B | 26.4× | 25.2× | +14.37% | +5.88% | +3.38% | 43.18% | 7.82% |
From the latest earnings call
- CEO Andy Jassy said AWS demand remained high as customers used both core cloud and AI services, with backlog growing at a triple-digit rate year over year.
- CFO Brian Olsavsky said Amazon lowered its fulfillment cost to serve in Q3 through inventory placement and package consolidation, despite higher transportation costs.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
66.89%
Held by the ten largest
32.11%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 858.77m | 7.96% | +697.55k |
| BlackRock | 748.40m | 6.94% | +12.84m |
| State Street | 397.19m | 3.68% | +6.74m |
| Fidelity (FMR) | 365.66m | 3.39% | +6.96m |
| Geode Capital Management | 233.21m | 2.16% | −16.37k |
| Capital Group | 227.23m | 2.11% | +12.31m |
| Morgan Stanley | 179.38m | 1.66% | +5.45m |
| JPMorgan Chase | 167.98m | 1.56% | −958.43k |
| Invesco | 143.82m | 1.33% | +5.06m |
| Norges Bank | 140.57m | 1.30% | +140.57m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 9 April 2026
Ownership
Directors and executive officers, together
8.90%
Jeffrey P. Bezos
8.80%
The Vanguard Group, Inc.
7.20%
BlackRock, Inc.
5.90%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Amazon.com, Inc. (AMZN) Latest News
5 Nov
4 Nov
3 Nov
2 Nov
1 Nov
AMZN metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Amazon operates online and physical stores, a marketplace for independent sellers, and a cloud computing business called Amazon Web Services, or AWS. Founded by Jeffrey P. Bezos, the company is headquartered in Seattle and led by President and CEO Andrew R. Jassy.
In its stores, Amazon sells merchandise and content it buys for resale alongside products offered by third-party sellers. Shoppers can use its websites, mobile apps and devices or visit physical stores. Amazon also makes devices such as Kindle and Echo, produces media content, and offers Prime, a membership that combines shipping and entertainment benefits.